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Media Release

Town of Hilton Head Island repays $20 million Hurricane Matthew Loan

Release Date: May 11, 2018

Contact Information:
Carolyn Grant email icon , Communications Director, 843-341-4618

The Town of Hilton Head Island has repaid a $20 million loan it borrowed to help pay for its Hurricane Matthew recovery efforts, Town Manager Steve Riley announced.

"This is another significant step forward in the town's recovery from Hurricane Matthew," Riley said. "The funds were critical because they covered costs related to our efforts while we worked on securing federal and state assistance."

The town issued bond anticipation notes for the loan in May 2017 to obtain temporary funding for disaster response. This loan, along with money from the town's reserve funds, helped pay for numerous recovery projects including tree removal, dune restoration on the beaches and storm water work.

Thus far, the town has spent more than $51 million on hurricane response efforts; total recovery costs are expected to exceed $57 million. The town has received more than $35 million in reimbursements from the Federal Emergency Management Agency (FEMA) and the South Carolina Emergency Management Division to offset recovery costs.

"We anticipate receiving additional reimbursements and are continuing to work with FEMA and state officials as our reimbursement requests move through the federal and state approval processes," Riley said.